I held each of my properties in its own LLC – as meadandale said, this isolates issues at one property from all the other properties – I considered the $800 / year for each of the LLCs as an insurance premium for my own financial security
it is easy to transfer real estate from an individual to an LLC – just record some paperwork with the city and it’s done – as long as both parties in the transfer are related, the transfer is not considered a sale and therefore no re-assessment of tax basis is required
seems like there are two ways to get residential real estate into a corp:
1. buy property as individual and transfer to corp
2. buy property as corp
I don’t know about number 1 – anyone else? – is this possible? – does it trigger a tax re-assessment? – what does the mortgage holder/servicer do when they receive a copy of the newly recorded transfer?
Number 2 is easy but the corp has to qualify to purchase the property – income, assets, credit history, etc
